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《大行報告》瑞信:中國鐵塔(00788.HK)上季EBITDA遜 下調目標價至1元評級「跑贏大市」
阿思達克 10-20 10:53
瑞信發表研究報告指出,中國鐵塔(00788.HK)第三季收入按年增長5.9%,EBITDA跌3.7%,純利升20.9%,分別較預期低0.1%、低6%及高8.1%。當中,EBITDA遜預期是受累於EBITDA利潤率按年跌6.7個百分點。至於塔類業務收入按季恢復正增長,但持續放緩,該行料在低基數情況下,第四季塔類收入按年增長3.3%。 該行將鐵塔2022至2024財年各年每股盈測上調分別4%、3%及6%,但目標價由1.04元下調至1元。雖然公司第三季業績遜預期,毛利率下跌令市場憂慮,但其強勁的純利增長,以及2022至2024財年的股息率達4%至5%,為股價提供下行保護。另預期公司2023年對鐵塔租賃的價格更新,將更為影響股價表現,而該行對潛在結果保持謹慎樂觀,維持對其「跑贏大市」評級。
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